South Cyprus signs Stage 1 deal to build LNG plant

South Cyprus signs Stage 1 deal to build LNG plant

Cyprus and a US-Israeli partnership signed a statement of intent for the development of a natural gas liquefaction plant on the island today.

The parties are the South Cyprus state, Noble Energy International, and Israel’s Delek Drilling and Avner Oil Exploration Limited Partnership. It is hoped the preliminary accord will lead to a final agreement in the future setting up a joint venture between the parties – a special-purpose vehicle seeking investors for the estimated 7 to 8bn euro LNG plant.